New Delhi: The property prices in NCR's new housing markets, known as micro markets, have nearly doubled in the last few years. This new trend of having alternative options available in local markets has emerged as an enticing opportunity for buyers who cannot enter the prime market.
These smaller markets are defying the overall market slowdown and are progressing forward. Areas near Gurgaon’s Golf Course, its extension, and Dwarka Expressway have seen significant property price hikes.
Price Surge in Gurgaon Micro Markets
In the Golf Course Extension area, property prices have risen to around Rs 8,000-13,000 per sq ft, up from Rs 6,000-9,000 two years ago. Similarly, the Dwarka Expressway has witnessed a surge in property rates, attributed to the high demand for real estate in the region.
Changing Dynamics in Southern Gurgaon
In the southern parts of Gurgaon, prices that were Rs 4,500-5,500 per sq ft a year ago have now increased to Rs 6,000-7,000 per sq ft. Gurgaon has transitioned from an investor-driven market to an end-user-driven market, while the southern part remains a hotbed of affordable housing units.
Infrastructure Improvements
The proposed widening of Golf Course Road, the construction of an underpass, and the planned expressway are expected to significantly improve connectivity. This enhancement in infrastructure will likely boost the sales of properties in these developing peripheries.
The shift from investor-driven to end-user-driven market dynamics and the ongoing infrastructure developments indicate a promising future for NCR's micro markets.